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Direct PLUS Loans
General Eligibility Requirements

To receive a Direct PLUS Loan, you must:

  • be a graduate or professional degree student enrolled at least half-time at an eligible school in a program leading to a degree or certificate, or be the parent (biological, adoptive, or in some cases, stepparent) of a dependent undergraduate sutdent enrolled at least half-time at a participating school
  • meet the general eligibility requirements for federal student aid. If you are borrowing on behalf of your child, your child must also meet these requirements
  • The borrower must not have an adverse credit history.

Application Procedure

In order to receive a Direct PLUS Loan, you (or your child, in the case of parent borrowers) must complete the Free Application for Federal Student Aid (FAFSA®). The school's financial aid office will provide instructions about their process for requesting a Direct PLUS Loan.


* A credit check will be performed during the application process. If you have an adverse credit history, you may still recieve a Direct PLUS Loan by obtaining an endorser who does not have an adverse credit history or documenting to the U.S. Departement of Education's satisfaction extenuating circumstances relating to your adverse credit history. If you are a parent borrower, the endorser cannot be the child on whose behalf you are borrowing.

Borrowing Limit & Interest Rate
  • For Direct PLUS Loans first disbursed on or after July 1, 2013, and before July 1, 2014, the interest rate is 6.41%.
  • For Direct PLUS Loans first disbursed on or after July 1, 2014, and before July 1, 2015, the interest rate is 7.21%.

These are fixed interest rates for the life of the loan.


*The maximum loan amount is the student's cost of attendance (determined by the school) minus any other financial aid received.

Repayment

Direct Plus loans enter repayment once your loan is fully disbursed. However, if you are a graduate or professional student, your loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled half-time. If you are a parent borrower, you may contact your loan servicer to request a deferment while you or your child are enrolled at least half-time and for an additional six months after your child ceases to be enrolled at least half-time.


*Information can be found on https://studentaid.ed.gov.

 

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